Braskem 2Q26: EBITDA Soars to $1B, But Default and D-Rating Loom
BAK sits 16% above its 52-week low of $2.03.
Summary
Braskem reported 2Q26 Recurring EBITDA of US$1.0 billion, a massive improvement from 1Q26, but disclosed it is in default on certain debt and its credit rating was cut to D by S&P.
Key Events · Earnings and Guidance · BAK
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EBITDA Surges to $1B
2Q26 Recurring EBITDA reached US$1.0 billion, up from US$192 million in 1Q26, driven by higher international spreads for resins and chemicals due to the Middle East conflict.
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Net Income Turns Positive
Net income attributable to shareholders was US$664 million in 2Q26, compared to a loss in 1Q26, reflecting the EBITDA improvement.
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Default and Downgrade
The company is in default under certain financial instruments as of July 2026, and S&P downgraded its global credit rating to D on June 26, 2026.
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Debt Restructuring Continues
Braskem remains in mediation with creditors, with no agreement reached. Its Mexican subsidiary Braskem Idesa is considering Chapter 11 under U.S. law.
Analysis · BAK · Industrial Applications And Services
Braskem's 2Q26 results show a dramatic EBITDA surge to US$1.0 billion from US$192 million in 1Q26, driven by Middle East conflict-driven spreads. However, the company is now in default on certain financial obligations, has been downgraded to D by S&P, and its Mexican subsidiary is considering Chapter 11. The earnings beat is overshadowed by the deepening restructuring crisis.
At the time of this filing, BAK was trading at $2.35 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $726M. The 52-week trading range was $2.03 to $5.40. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.